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| UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549 |
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| Louisiana                                                      |   | 72-1341014                        |
|----------------------------------------------------------------|--------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |
|                                                           |   |                              |
| 3798 Veterans Blvd., Metairie, Louisiana                       |   | 70002                             |
| (Address of Principal Executive Offices)                       |   | (Zip Code)                        |

| Common Stock, par value $.01 per share |   | The NASDAQ Stock Market, LLC              |
|----------------------------------------|--------|-------------------------------------------|
| Title of Class                         |   | Name of each exchange on which registered |

| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| Yes  [  ]    No  [X]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Yes  [  ]    No  [X]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days                                                                                                                  Yes  [X]    No  [  ]                                                                                                                                                                  |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).                                                                                                 Yes   [  ]   No  [  ]                                                                                                                                                                                                                                                          |
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.                                                                                                                                                     [X]  |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Large accelerated filer                  [  ]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Accelerated filer                                          [  ] |
| Non-accelerated filer                    [  ]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Smaller reporting company                       [X] |
| (Do not check if a smaller reporting company)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  [  ]   No  [X]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| The aggregate market value of the voting stock held by nonaffiliates of the registrant as of June 30, 2009 (the last business day of GS Financial’s most recently completed second fiscal quarter) was approximately $15.0 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| As of March 23, 2010, GS Financial Corp. had 1,257,938 shares of common stock outstanding.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Documents Incorporated by Reference                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Part of 10-K in which incorporated |
| Proxy Statement dated March 24, 2010Annual Report to Shareholders for the year ended December 31, 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Part IIIPart II, Part IV |

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| TABLE OF CONTENTS                   |
|-------------------------------------|
| Page                           |
|  PART I                        |
|                                | Item 1: | Business | 1 |
|                                | Item 1A: | Risk Factors | 5 |
|                                | Item 1B: | Unresolved Staff Comments | 6 |
|                                | Item 2: | Properties | 6 |
|                                | Item 3: | Legal Proceedings | 6 |
|                                | Item 4: | (Removed and Reserved)  | 6 |
|  PART II                       |
|                                | Item 5: | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 6 |
|                                | Item 6: | Selected Financial Data | 7 |
|                                | Item 7: | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 7 |
|                                | Item 7A: | Quantitative and Qualitative Disclosures about Market Risk | 7 |
|                                | Item 8: | Financial Statements and Supplementary Data | 7 |
|                                | Item 9: | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 7 |
|                                | Item 9A(T): | Controls and Procedures | 7 |
|                                | Item 9B: | Other Information   | 8 |
|  PART III                      |
|                                | Item 10: | Directors, Executive Officers and Corporate Governance | 8 |
|                                | Item 11: | Executive Compensation | 8 |
|                                | Item 12: | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 8 |
|                                | Item 13: | Certain Relationships and Related Transactions, and Director Independence | 9 |
|                                | Item 14: | Principal Accounting Fees and Services  | 9 |
|  PART IV                       |
|                                | Item 15: | Exhibits, Financial Statement Schedules | 9 |
|  EXHIBIT INDEXSIGNATURES  |

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| ·   | Operating, legal and regulatory risks; |
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| ·   | Economic, political and competitive forces impacting our various lines of business; |
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| ·   | The risk that our analysis of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful; |
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| ·   | The possibility that increased demand for GS Financial’s financial services and products may not occur; |
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| ·   | Volatility in interest rates; and/or |
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| ·   | Other risks and uncertainties. |
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| Item 5: | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES |
|---------|---------------------------------------------------------------------------------------------------------------------|

|   | (a) | The Company’s stock is traded on The NASDAQ Global Market under the symbol GSLA.  Shareholders of record for, quarterly high and low stock prices of, and cash dividends declared on GS Financial common stock are set forth in the Common Stock and Market Prices and Dividends sections of the Annual Report to Shareholders for the year ended December 31, 2009, included in Exhibit 13.0 hereto and which is incorporated herein by reference.  Equity Compensation Plan information is incorporated herein by reference to Item 12 hereof. |
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| Period                                     |   | Total Number of SharesPurchased |   |   | Average Price Paid per Share |    |   | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | MaximumNumber of Shares that May Yet Be Purchased Under the Plans or Programs (1) |   |
|--------------------------------------------|--------|---------------------------------|--------|--------|-----------------------------------|---------|--------|----------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|
| October 1, 2009 – October 31, 2009   |   |                            | -      |   |                              | $       | -      |                                                                             |   |   | -                                                                                 |   |   |   | 36,388 |   |
| November 1, 2009 – November 30, 2009 |   |                            | -      |   |                              |    | -      |                                                                             |   |   | -                                                                                 |   |   |   | - |   |
| December 1, 2009 – December 31, 2009 |   | -                               |   |   | -                                 |    |   | -                                                                                |   |   | -                                                                                 |   |
| Total                                      |   | -                               |   |   | $                                 |  - |   |                                                                             | -      |   |                                                                              | 36,388 |   |

|   | (1) | On October 22, 2008 the Company announced by press release a stock repurchase program to repurchase 64,250 shares, or 5.0% of its outstanding common stock over a one year period, or such longer amount of time as may be necessary to complete the repurchase plan. The program became effective November 6, 2008. |
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| Item 7: | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

| Item 9: | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
|---------|--------------------------------------------------------------------------------------|

| Item 9A(T.): | CONTROLS AND PROCEDURES |
|--------------|-------------------------|

|   | (a) | Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report.  Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and are operating in an effective manner. |
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|   | (b) | Management's Report on Internal Control Over Financial Reporting is incorporated herein by reference from Exhibit 13.0 hereto. |
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|   | This Annual Report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this Annual Report. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | No change in the Company's internal control over financial reporting (as defined in rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. |
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| Item 9B: | OTHER INFORMATION |
|----------|-------------------|

| Item 12:  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
|----------------|------------------------------------------------------------------------------------------------|

| Plan Category                 | Number of Shares to be issued upon the Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options                           | Number of Shares Remaining Available for Future Issuance (Excluding Shares Reflected in the First Column)                                                                             |
|-------------------------------|---------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Equity compensation plans     |                                                                                        |                                                                             |                                                                                                                                                                                  |
| approved by security holders  | 6,422                                                                                       |  $            - |                         -                                     |
| Equity compensation plans not |                                                                                        |                                                                             |                                                                                                                                                                                  |
| approved by security holders  | -                                                                                           |             -        |                               - |
| Total                         | 6,422                                                                                       |  $            - |                         -                                     |

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| (a)(1) | The following consolidated financial statements of the Company and its subsidiary are incorporated by reference from Item 8 in Part II of this Form 10-K (see Exhibit 13.0). |
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|   | Report of Independent Registered Public Accounting Firm |
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|   | Consolidated Balance Sheets – December 31, 2009 and 2008 |
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|   | Consolidated Statements of (Loss) Income – Years Ended December 31, 2009 and 2008 |
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|   | Consolidated Statements of Comprehensive (Loss) Income – Years Ended December 31, 2009 and 2008 |
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|   | Consolidated Statements of Changes in Stockholders’ Equity – Years Ended December 31, 2009 and 2008 |
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|   | Consolidated Statements of Cash Flows – Years Ended December 31, 2009 and 2008 |
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|   | Notes to Consolidated Financial Statements |
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| (a)(2) | All schedules for which provision is made in the applicable accounting regulation of the SEC are omitted because of the absence of conditions under which they are required or because the required information is included in the consolidated financial statements and related notes thereto. |
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| (a)(3) | Exhibits |
|--------|----------|

| No.  |   | Description                                                                                                                                        |   | Location          |
|------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|
| 3.1  |   | Articles of Incorporation of GS Financial Corp.                                                                                                    |   | (1)               |
| 3.2  |   | Bylaws of GS Financial Corp.                                                                                                                       |   | (2)               |
| 4.1  |   | Stock Certificate of GS Financial Corp.                                                                                                            |   | (1)               |
| 10.1 |   | GS Financial Corp. Amended and Restated Recognition and Retention Plan and Trust Agreement*                                                        |   | (3)               |
| 10.2 |   | Letter Agreement, dated as of December 8, 2005, by and between Guaranty Savings and Homestead Association and Stephen E. Wessel*                   |   |  (4)         |
| 10.3 |   | Letter Agreement, signature dated and accepted as of February 29, 2008, by and between Guaranty Savings Bank and Stephen E. Wessel*                |   |  (5)         |
| 10.4 |   | Letter Agreement between Guaranty Savings Bank and Stephen E. Wessel, dated as of August 10, 2009*                                                 |   |  (6)         |
| 10.5 |   | Shareholder Agreement made by and among Philip J. Timyan and Riggs Qualified Partners, LLC, GS Financial Corp. and Guaranty Savings Bank           |   |  (7)         |
| 10.6 |   | Shareholder Agreement made by and among Martin S. Friedman and FJ Capital Long/Short Equity Fund LLC, GS Financial Corp. and Guaranty Savings Bank |   |  (7)         |
| 13.0 |   | 2009 Annual Report to Stockholders                                                                                                                 |   | Included herewith |
| 21.0 |   | Subsidiaries of the Registrant  - Information reported in Item 1                                                                         |   | Included herewith |
| 23.0 |   | Consent of LaPorte, Sehrt, Romig & Hand                                                                                                        |   | Included herewith |
| 31.1 |   | Rule 13a-14(a) Certification of Chief Executive Officer                                                                                            |   | Included herewith |
| 31.2 |   | Rule 13a-14(a) Certification of Chief Financial Officer                                                                                            |   | Included herewith |
| 32.0 |   | Certification pursuant to 18 U.S.C. Section 1350                                                                                                   |   | Included herewith |

| * |   | Denotes management compensation plan or arrangement. |
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|   | (Footnotes continued on following page) |
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|   | (1) | Incorporated herein by reference from the Registration Statement on Form SB-2 (Registration number 333-18841) filed by the Registrant with the SEC on December 26, 1996, as subsequently amended. |
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|   | (2) | Incorporated herein by reference from the annual report on Form 10-K for the year ended December 31, 2007, filed by the Registrant with the SEC on March 31, 2008 (Commission File No. 000-22269). |
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|   | (3) | Incorporated herein by reference from the current report on Form 8-K, filed by the registrant with the SEC on November 24, 2008 (Commission File No. 000-22269). |
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|   | (4) | Incorporated herein by reference from the current report on Form 8-K, dated December 8, 2005 filed by the registrant with the SEC (Commission File No. 000-22269). |
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|   | (5) | Incorporated herein by reference from the current report on Form 8-K, dated February 29, 2008 filed by the registrant with the SEC (Commission File No. 000-22269). |
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|   | (6) | Incorporated herein by reference from the current report on Form 8-K, filed by the registrant with the SEC on August 11, 2009 (Commission File No. 000-22269). |
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|   | (7) | Incorporated herein by reference from the current report on Form 8-K, filed by the registrant with the SEC on September 24, 2009 (Commission File No. 000-22269). |
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| (b) | The exhibits listed under (a)(3) of this Item 15 are filed herewith. |
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| (c) | Reference is made to (a)(2) of this Item 15. |
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|                                                   | GS FINANCIAL CORP.  |
|--------------------------------------------------------|--------------------------|
|   Dated: March 24, 2010                      |   By:          |    /s/Stephen E. Wessel |
| Stephen E. WesselPresident and Chief Executive Officer |

| Name                               |   | Title                                                                     |   | Date                       |
|------------------------------------|--------|---------------------------------------------------------------------------|--------|----------------------------|
|   /s/Albert J. Zahn, Jr. |   |   Chairman of the Board and Director                            |   |   March 24, 2010 |
| Albert J. Zahn, Jr.                |   |                                                                      |   |
|  /s/Stephen E. Wessel         |   | President and Chief Executive Officer                                     |   |  March 24, 2010       |
| Stephen E. Wessel                  |   |                                                                      |   |
|  /s/Bruce A. Scott            |   |  Executive Vice President and Director                               |   |  March 24, 2010       |
| Bruce A. Scott                     |   |
|  /s/Stephen F. Theriot        |   |  Chief Financial Officer(principal financial and accounting officer) |   |  March 24, 2010       |
| Stephen F. Theriot                 |   |
|  /s/Edward J. Bourgeois       |   |  Director                                                            |   |  March 24, 2010       |
| Edward J. Bourgeois                |   |
|  /s/Paul D. Cordes, Jr.       |   |  Director                                                       |   |  March 24, 2010       |
| Paul D. Cordes, Jr.                |   |
|  /s/Stephen L. Cory           |   |  Director                                                            |   |  March 24, 2010       |
| Stephen L. Cory                    |   |
|  /s/Bradford A. Glazer        |   |  Director                                                            |   |  March 24, 2010       |
| Bradford A. Glazer                 |   |
|  /s/Hayden W. Wren, III       |   |  Director                                                            |   |  March 24, 2010       |
| Hayden W. Wren, III                |   |

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